Underwater in Kentfield

Here's a 3 br 3 ba house in Kentfield (built 1955 and remodeled in 2003) for $975,000. Looks pretty nice, right? Come on, it's Kentfield...yuppie central...if you can live there then all your friends, acquaintances, business contacts, etc. will worship you, right? That's Marin's notion of respect after all. But check out this bit from the realtor's write-up:

Flood damage has been removed reconstruction to be done by buyer as is sale...

In case you haven't been paying attention, Marin has very recently been subjected to huge amounts of rain. There have been numerous floods all over the county and a whole lot of property damage as a result. This POS is one of the casualties of the floods. But instead of forking over some cash to repair the flood damage (they must have been one of the surprisingly numerous Marin residents who didn't think flood insurance was worth it), these owners are choosing to cash-out now. Why? Maybe they know that we are at the top of the market and it is all down hill from here so it isn't worth reinvesting in this house to fix it back up to the way it was? Or maybe they're just another bunch of financially stressed Marin wannabes who got over their heads (and for a while literally underwater) and cannot afford to fix the house? Or maybe they were going to move anyway.